Expert Says ‘Don’t Buy the Dip’

The recent escalation in the trade war between the U.S. and China has led to a dramatic 104% tariff on Chinese goods, effective immediately. This decision by the U.S. government comes in response to China’s failure to remove retaliatory tariffs on U.S. exports, shaking global markets and sparking concerns about the economic impact.

Bitcoin’s Price Faces Critical Test

The cryptocurrency market is closely watching Bitcoin’s price as it tests a key support zone between $75,152 and $77,672. This critical level will determine whether Bitcoin will experience a bounce back or further decline. Traders are analyzing the potential outcomes as the price hovers around this crucial range.

Bitcoin’s short-term price action remains uncertain, with the cryptocurrency needing to surpass the $81,282 mark to signal a shift towards a more bullish trend. However, a breakout above $83,792 would be required for a stronger bullish confirmation, indicating a potential trend reversal.

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Should You Buy The Dip?

Amidst the recent market crash, crypto trader and author Glen Goodman shared insights on whether investors should consider buying the dip in the crypto market. His key points include:

• Avoid Catching a Falling Knife: Glen warns against buying during sharp declines, emphasizing the risk of incurring losses by trying to time the market too early.
• Wait for Stabilization: He advises waiting for the market to stabilize and show signs of recovery before making investment decisions, avoiding potential “bull traps.”
• Long-Term Outlook for Bitcoin: Goodman discusses Bitcoin’s long-term potential, highlighting the strength of its trend since 2023 while acknowledging the recent dip raises questions about its future growth trajectory.